Market Overview - A-shares experienced a downward trend with all three major indices declining, where the Shanghai Composite Index fell by 0.33% to 3284.17, the Shenzhen Component Index decreased by 0.39% to 9878.43, and the ChiNext Index dropped by 0.53% to 1936.87 [1] - Hong Kong's Hang Seng Index decreased by 0.2% to 21936.79, while the Hang Seng Tech Index saw a slight increase of 0.16% to 4990.78 [2][3] Sector Performance - The consumer sector in A-shares faced a significant pullback, with food and tourism stocks leading the decline. Notable declines included Youyou Foods and Guoguang Chain, which hit the daily limit down, and other stocks like Beiyinmei and Wanmei Biological dropping over 5% [5][7] - The real estate sector in A-shares also saw substantial losses, with Tianbao Infrastructure and Yuhua Development hitting the daily limit down, and several other stocks declining over 5% [7][8] Bond Market - The bond market showed strength, with the 30-year main contract rising by 0.1%, the 10-year contract increasing by 0.09%, while the 5-year contract fell by 0.02% [3][4]

Group 1: Macroeconomic Policies - The Central Political Bureau emphasizes the need for more proactive macroeconomic policies, including the use of fiscal and moderately loose monetary policies [1] - The meeting highlights the acceleration of local government special bonds and ultra-long-term special government bonds issuance [1] - There is a focus on maintaining liquidity and supporting the real economy through potential interest rate cuts and the creation of new structural monetary policy tools [1] Group 2: International Cooperation and Trade - The Chinese Ministry of Finance announces a commitment to more proactive macroeconomic policies to achieve annual growth targets and contribute to global economic stability [2] - China continues to offer zero-tariff treatment to products from the least developed countries and aims to further open its market for mutual benefits [2] Group 3: E-commerce and Trade Zones - The State Council approves the establishment of cross-border e-commerce comprehensive pilot zones in Hainan and 14 other cities [3] - The specific implementation plans for these pilot zones will be managed by the respective provincial governments [3] Group 4: Regulatory Changes - The China Securities Regulatory Commission releases new regulations on the temporary suspension and exemption of information disclosure for listed companies, effective from July 1, 2025 [4] - The new rules clarify the scope of exemptions and reinforce the responsibilities of companies regarding disclosure management [4] Group 5: Stock Market Regulations - The Shanghai Stock Exchange publishes revised stock listing rules, enhancing the responsibilities of audit committees and protecting minority shareholders' rights [5] - The Shenzhen Stock Exchange also issues updated listing rules, focusing on similar regulatory enhancements [5] Group 6: Taxation and Consumer Spending - The Ministry of Commerce and other departments announce measures to optimize the departure tax refund process to boost inbound consumption [6][7] - The initiative includes promoting "buy and refund" services nationwide and establishing centralized refund points in high-traffic areas [6][7] Group 7: Financial Regulation - The China Securities Association introduces self-regulatory measures to prevent securities firms from manipulating profits through valuation adjustments [8] - The guidelines ensure prudent valuation practices for financial instruments held by securities firms [8] Group 8: Automotive Industry Reforms - The Ministry of Commerce reports that pilot reforms in automotive circulation consumption are progressing rapidly, with high enthusiasm for local pilot applications [9] - The reforms aim to eliminate restrictive measures on car purchases and promote innovation in the automotive aftermarket [9] Group 9: Insurance Regulation - The Financial Regulatory Administration allows insurance companies to adjust the minimum guaranteed interest rates for universal life insurance products under certain conditions [10] - The regulation aims to mitigate risks during periods of declining interest rates and encourages the development of long-term universal insurance products [10] Group 10: Cultural and Tourism Promotion - The Ministry of Culture and Tourism emphasizes that departure tax refunds for shopping can enhance the export of high-quality domestic products and promote cultural exchange [11] - The initiative aims to attract inbound tourists and expand the scale of inbound tourism [11]

投资策略 | 定期报告 以稳为主 ——策略周报 0428 研究结论 风险提示 报告发布日期 2025 年 04 月 28 日 | 张书铭 | 021-63325888*5152 | | --- | --- | | 17 | zhangshuming@orientsec.com.cn | | | 执业证书编号：S0860517080001 | | 张志鹏 | zhangzhipeng@orientsec.com.cn | | | 执业证书编号：S0860522020002 | | 段怡芊 | duanyiqian@orientsec.com.cn | | | 执业证书编号：S0860524010001 | | | 香港证监会牌照：BVI649 | | 薛俊 | 021-63325888*6005 | | | xuejun@orientsec.com.cn | | | 执业证书编号：S0860515100002 | | 缺乏稳定一致预期：——策略周报 0421 | 2025-04-20 | | --- | --- | | 市场或仍将保持高波动：——策略周报 | 2025-04-17 | | 0414 | | | ...

外交部：中美并未就关税问题进行磋商或谈判 男生普通话版 下载mp3 女声普通话版 下载mp3 粤语版 下载mp3 西南方言版 下载mp3 东北话版 下载mp3 上海话版 下载mp3 今日优选 特朗普称将在未来三到四周宣布贸易协议 美国国务卿鲁比奥：美国不会扩大对俄罗斯的制裁 美伊第三轮间接会谈结束，双方仍存分歧 哈马斯称愿意释放所有以方被扣押人员，换停火五年 "美联储传声筒"：市场过度解读哈玛克六月降息的言论 特朗普暗示支持禁止美国国会议员交易股票 伊朗爆炸港口已恢复货物进出口工作 海南全岛和15个城市(地区)将设跨境电子商务综合试验区 六部门发文优化离境退税政策：下调离境退税起退点 市场盘点 上周五，在对全球贸易紧张局势缓和的希望推动下，美元指数走高，最终收涨0.325%，报99.61，并结束四周连跌。美债收益率继续回落，基准的10年期美 债收益率收报4.24%；对货币政策更敏感的两年期美债收益率收报3.744%。 鉴于避险情绪降温和美元坚挺，现货黄金回落，最低触及3365.2美元/盎司，最终收跌0.9%，报3318.2美元/盎司，为对等关税宣布以来首次周线收阴。现货 白银盘中再次失守33关口，尾盘有所反弹 ...

宏观要闻国务院最新批复：同意 据中国政府网消息，国务院发布关于同意在海南全岛和秦皇岛等15个城市(地区)设立跨境电子商务综合试验区的批复(简称"批复")。 批复称，同意在海南全岛和秦皇岛市、保定市、二连浩特市、丹东市、滁州市、三明市、开封市、新乡市、鄂州市、邵阳市、梧州市、北海市、防城港 市、广安市、博尔塔拉蒙古自治州等15个城市(地区)设立跨境电子商务综合试验区，名称分别为中国(城市或地区名)跨境电子商务综合试验区，具体实施 方案由所在地省级人民政府分别负责印发。同时，撤销在海口市、三亚市、阿拉山口市设立的跨境电子商务综合试验区。 由降转增！国家统计局最新公布 4月27日，国家统计局公布数据显示，一季度，全国规模以上工业企业利润由上年全年同比下降3.3%转为增长0.8%。国家统计局工业司统计师于卫宁表 示，一季度政策效应持续释放，带动工业企业利润由降转增，装备制造业、高技术制造业利润支撑作用明显，工业经济发展质效持续提升。李家超发声： 香港将部署为内地企业提供供应链服务 近期，美国对全球多地加征所谓"对等关税"，其中，对中国内地及中国香港和澳门地区加征同样的关税，扰乱全球贸易秩序，为市场带来多重挑战。 香港 ...

Group 1 - The directory of occupational diseases has increased to 135 types, effective from August 1 this year [2] - The three major stock exchanges have revised listing rules to clarify the responsibilities of key minority shareholders and strengthen protections for small and medium shareholders [2] - A nationwide survey of traditional Chinese medicine resources has discovered 207 new species [2] - Hainan province will establish cross-border e-commerce comprehensive pilot zones across the entire island and in 15 cities/regions [2] Group 2 - A 4.9 magnitude earthquake occurred in Baiyu County, Garze Tibetan Autonomous Prefecture, Sichuan Province, with no casualties reported but some minor damage to houses [8] - The Sichuan Provincial Commission for Discipline Inspection reported that a state-owned enterprise leader made blind decisions leading to losses of hundreds of millions due to a desire to repay a leader's "recognition" [8] - Chinese researchers have revealed the neural mechanisms linking stress to depression [8] - Archaeological investigations along the Shu Road have yielded 297 new cultural relics [8] Group 3 - A severe explosion at Shahid Rajaee Port in southern Iran has resulted in 14 deaths and over 700 injuries, with three Chinese citizens sustaining minor injuries [11] - Russian President Putin expressed readiness to negotiate with Ukraine without any preconditions [9] - Iran and the U.S. are holding indirect negotiations regarding nuclear issues in Muscat, Oman [11] - Russia and Iran are strengthening energy cooperation, with Russia set to supply gas to Iran [11]

身为创业者的你想必早已明白，每一次社交、每一场会议，都有可能是通向成功的关键节点，而好的形象管理 或能让人事半功倍。在重要场合中，穿搭是你递给外界的一张无声名片。 无论是争取投资、建立合作，还是塑造品牌信任感，一套适配的穿搭，不仅能让你由内而外散发自信，更能巧 妙地在他人眼中塑造出你期望展现的形象。穿搭从来不是简单的穿衣选择，而是战略性的形象管理。它是个人 气质的延伸，更是企业文化的缩影。本文梳理了几种创业者常见的穿搭风格，希望能为正在创业的你提供一些 参考。 休闲商务范是多数时候的选择 场景： 在大多数现代职场环境中，如日常办公、团队会议、行业聚会等场合，尤其是互联网、初创公司等 年轻化团队中，一身商务休闲装既能传递专业信号，又通过适度的个性化细节展现开放包容的企业文化。 这种风格的核心是"克制的放松"，一般会用POLO衫、衬衫、西装外套这种偏正式的服装，搭配牛仔裤、毛 衣、乐福鞋这类休闲单品，除裤装外，女士也可以选择及膝裙或连衣裙。在保持得体形象的同时，融入适 度的个性化表达，既满足职场规范，又避免传统正装的拘谨感。 商务休闲装的面料多以棉、羊毛、聚酯纤维为主，注重舒适与质感；颜色一般以中性色 （黑、灰、 ...

2024年，贵州茅台（6000519.SH）营收1708.99亿元，同比增长15.71%；归属于上市公司股东的净利润 862.28亿元，同比增长15.38%。完成了2023年定下的实现营业总收入较上年度增长15%左右目标。 贵州茅台为2025年定下的目标是，实现营业总收入较上年度增长9%左右。 2024年，贵州茅台面临的挑战不小。2024年初，核心大单品飞天茅台原箱批发参考价一度突破3000元/ 瓶，而今，已跌至2160元/瓶；系列酒大单品茅台1935价格与高峰时期相比也已腰斩。 张德芹上任董事长后，平衡经销商与直销的关系，直销收入增速也逐渐被批发代理渠道超过。主动放低 营收增速目标，贵州茅台似乎也要面对增长乏力的困境了。 飞天茅台批价接近2100 茅台酒依旧是贵州茅台的基本盘。茅台酒收入1459.28亿元，同比增长15.28%；其他系列酒收入246.84 亿元，同比增长19.65%。 今日酒价数据显示，2024年初，24年飞天茅台原箱的批发参考价一度超过3000元/瓶，散瓶批发参考价 也在2700元/瓶左右。到2024年最后一天，原箱批发参考价已跌至2315元/瓶，散瓶则跌至2220元/瓶。 信达证券在研报 ...

点击注册小程序 公司 2024 年营收同比增长 4.06% ，归母净利润同比增长 1.61% 公司公布 2024 年年报： 2024 年实现营业收入 34.7 亿元，同比增长 4.06% ，实现归母净利润 1.1 亿元， 同比增长 1.61% ，实现扣非归母净利润 0.7 亿元，同比增长 9.78% 。 单季度拆分来看， 4Q2024 实现营业收入 10.0 亿元，同比增长 9.69% ，实现归母净利润 0.6 亿元，同比增 长 1.26 % ，实现扣非归母净利润 0.5 亿元，上年同期为 0.4 亿元。 公司 2024 年综合毛利率下降 1.5 个百分点，期间费用率下降 1.6 个百分点 2024 年公司综合毛利率为 26.9% ，同比下降 1.5 个百分点。单季度拆分来看， 4Q2024 公司综合毛利率为 28.8% ，同比下降 2.2 个百分点。 查看完整报告 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造 ...

1—2月份，主要行业利润情况如下：农副食品加工业利润同比增长37.8%，有色金属冶炼和压延加工业增 长20.5%，电力、热力生产和供应业增长13.5%， 汽车制造业增长11.7% ，通用设备制造业增长6.0%，专用设 备制造业增长5.9%，纺织业增长5.7%，石油和天然气开采业下降1.1%，化学原料和化学制品制造业下降 1.5%，电气机械和器材制造业下降2.4%，计算机、通信和其他电子设备制造业下降9.4%，非金属矿物制品业 下降37.8%，煤炭开采和洗选业下降47.3%，石油煤炭及其他燃料加工业、黑色金属冶炼和压延加工业同比减 亏。 1—2月份，规模以上工业企业实现营业收入20.09万亿元，同比增长2.8%；发生营业成本17.10万亿元，增 长2.9%；营业收入利润率为4.53%，同比下降0.14个百分点。 点 击 蓝 字 关 注 我 们 本文全文共 2928 字，阅读全文约 10 分钟 2025年1—2月份全国规模以上工业企业利润下降0.3% 1—2月份，全国规模以上工业企业实现利润总额9109.9亿元，同比下降0.3%（按可比口径计算）。 1—2月份，规模以上工业企业中，国有控股企业实现利润总额3487 ...